10 July 2001, 18:02 U.S. May wholesale inventories up 0.2 pct vs 0.1 rise in April
WASHINGTON (AFX) - Wholesale inventories rose 0.2 pct in May, the
Commerce Department said.
This is the largest increase since Nov 2000.
The rise in inventories was slightly larger than expected. The
consensus forecast of Wall Street economists was for a 0.1 pct rise in
inventories in May.
In April, wholesale inventories rose a revised 0.1 pct, down from
the initial estimate of a 0.3 pct rise.
Year-on-year, wholesale inventories were up 2.3 pct.
Sales at the wholesale level fell 0.1 pct in May, following a 0.1
pct rise the previous month.
The inventory-to-sales ratio, an indicator of how well stocks are
meeting demand, was 1.32 in May, up from 1.31 in April. This is the
highest ratio since April 1999 and nearing the all time high of 1.35,
set in Dec 1993.
Durable good inventories, such as automobiles and furniture, fell
0.9 pct in May, after falling 0.4 pct in April. Automobile inventories
fell 1.9 pct in May after a 1.0 pct fall in April.
Inventories of nondurable goods, disposable products that last less
than three years, rose 2.0 pct in May after a 1.0 pct rise in April.
Petroleum stocks were unchanged in May after a 2.0 pct fall in the
previous month.
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